Navellier & Associates Inc. Makes New Investment in Northern Oil and Gas, Inc. (NYSE:NOG)

Navellier & Associates Inc. bought a new position in Northern Oil and Gas, Inc. (NYSE:NOG) during the fourth quarter, Holdings Channel.com reports. The institutional investor bought 5,758 shares of the company’s stock, valued at approximately $214,000.

A number of other institutional investors have also bought and sold shares of NOG. abrdn plc purchased a new position in Northern Oil and Gas in the 3rd quarter worth approximately $17,096,000. Bridgewater Associates LP raised its position in shares of Northern Oil and Gas by 135.6% during the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after buying an additional 294,223 shares during the period. New York State Common Retirement Fund raised its position in shares of Northern Oil and Gas by 41.4% during the 3rd quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock valued at $33,320,000 after buying an additional 275,704 shares during the period. Jennison Associates LLC raised its position in shares of Northern Oil and Gas by 58.6% during the 3rd quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock valued at $18,453,000 after buying an additional 192,539 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Northern Oil and Gas by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company’s stock valued at $34,902,000 after buying an additional 103,314 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $33.01 on Monday. The company has a fifty day simple moving average of $37.47 and a two-hundred day simple moving average of $38.29. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 6.42 and a beta of 1.81. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. Northern Oil and Gas, Inc. has a 52 week low of $32.81 and a 52 week high of $44.31.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.16). The business had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. As a group, equities analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be paid a $0.45 dividend. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 5.45%. Northern Oil and Gas’s payout ratio is 32.68%.

Analyst Upgrades and Downgrades

NOG has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Royal Bank of Canada reduced their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. Piper Sandler reduced their price target on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley set a $43.00 target price on Northern Oil and Gas in a research report on Wednesday, January 22nd. Finally, Capital One Financial lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $47.44.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares in the company, valued at $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.80% of the company’s stock.

About Northern Oil and Gas

Northern Oil and Gas, Inc, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.